Corporate Governance, Earning Quality and Information Asymmetry: Evidence from Insider Trading Around the Globe

摘要: We investigate the performance and its link with information asymmetry, corporate governance legal enforcement of insider transactions in 36 countries covering 10 Asian countries, 20 European 6 rest. The results show that abnormal returns after trading are generally positive over time especially on Monday (insider sales) Friday purchase) for both executive non-executive directors. is typically related to earnings management which measured by accruals. Corporate informative can assist analysis future prospect firm. zero-investment portfolios based accruals offers most countries. However, adjusting market risk, profit remain only a few regression exhibit importance limit profits.